Capital Investment Advisors LLC boosted its position in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 14.4% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,589 shares of the software company’s stock after buying an additional 702 shares during the quarter. Capital Investment Advisors LLC’s holdings in Adobe were worth $3,105,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently bought and sold shares of the company. McLean Asset Management Corp bought a new stake in shares of Adobe during the second quarter worth $238,000. E Fund Management Hong Kong Co. Ltd. lifted its position in shares of Adobe by 334.8% during the second quarter. E Fund Management Hong Kong Co. Ltd. now owns 574 shares of the software company’s stock worth $319,000 after purchasing an additional 442 shares during the last quarter. Orrstown Financial Services Inc. lifted its position in shares of Adobe by 0.9% during the second quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock worth $1,257,000 after purchasing an additional 20 shares during the last quarter. Cambridge Advisors Inc. lifted its position in shares of Adobe by 48.0% during the second quarter. Cambridge Advisors Inc. now owns 592 shares of the software company’s stock worth $329,000 after purchasing an additional 192 shares during the last quarter. Finally, CHICAGO TRUST Co NA lifted its position in shares of Adobe by 8.2% during the second quarter. CHICAGO TRUST Co NA now owns 5,392 shares of the software company’s stock worth $2,995,000 after purchasing an additional 410 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.
Adobe Stock Performance
NASDAQ:ADBE traded up $6.06 during trading hours on Friday, reaching $536.30. The company had a trading volume of 1,272,635 shares, compared to its average volume of 3,346,469. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The firm has a market cap of $237.80 billion, a PE ratio of 48.19, a price-to-earnings-growth ratio of 2.85 and a beta of 1.30. The business’s 50 day moving average price is $528.34 and its 200-day moving average price is $526.14. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16.
Insider Activity at Adobe
In related news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $560.23, for a total value of $857,151.90. Following the completion of the transaction, the executive vice president now directly owns 20,359 shares of the company’s stock, valued at approximately $11,405,722.57. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $560.23, for a total value of $857,151.90. Following the completion of the transaction, the executive vice president now directly owns 20,359 shares of the company’s stock, valued at approximately $11,405,722.57. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 264 shares of the stock in a transaction on Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the transaction, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 27,523 shares of company stock valued at $14,994,277. 0.15% of the stock is owned by insiders.
Analyst Ratings Changes
Several research firms recently weighed in on ADBE. Piper Sandler decreased their price objective on Adobe from $700.00 to $635.00 and set an “overweight” rating for the company in a report on Friday, July 12th. Sanford C. Bernstein lifted their price objective on Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a report on Monday, June 17th. Evercore ISI restated an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a report on Friday, June 7th. Melius downgraded Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective for the company. in a report on Monday, June 10th. Finally, TD Cowen decreased their price objective on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a report on Monday, June 10th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $601.38.
Get Our Latest Analysis on Adobe
About Adobe
Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.
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